%$55,1*721723675(.



3URSRVHG7UHN,WLQHUDU\
:$/.,1*,7,1(5$5<

7KLVLVWKHSURSRVHGZDONLQJLWLQHUDU\IRUWKH%DUULQJWRQ7RSV7UHN7KHUHPD\EH
VRPHPLQRUFKDQJHVWRZKDWLVRXWOLQHGGHSHQGLQJRQWUDFNFRQGLWLRQVHWFEXW JHQHUDOO\
VSHDNLQJWKHVHVKRXOGVWDQGDVWKH\DUHVWDWHG

7KHWRWDOGLVWDQFHFRYHUHGGXULQJWKHWUHNZLOOEHDERXWNPVSUHDGRYHUVHYHQZDONLQJ
GD\V

 'D\ 2QH 6DWXUGD\ /DJRRQ 3LQFK )RUHVW 3DUN WR &DUH\¶V 3HDN
$ERXWNP

,QWKHRU\WKHGD\ZLOOEHJLQZLWKWKHGULYHWR/DJRRQ3LQFK)RUHVW3DUNZKLFKLVSDVWWKH
%DUULQJWRQ *XHVWKRXVH 7KLV LV YLD 6DOLVEXU\ 5RDG :LOOLDPV 7RS )RUHVW 5RDG DQG
/DJRRQ3LQFK)RUHVW5RDG

7KH DFWXDO ZDON LWVHOI EHJLQV ZLWK WKH FOLPELQJ RI &RUNHU 0RXQWDLQ SDVW *RYHUQRU¶V
/RRNRXWDORQJWKH&DUH\¶V3HDN7UDLO7KHZDONWKHQFRQWLQXHVRYHU0RXQW:LOOLDPDQG
WR&DUH\¶V3HDNP7KHZDONXSLVRQHRIDVWHHSDVFHQW

,KRSHWRORFDWH6HOE\¶V+XWDQG%DVGHQ¶V)DOOVGXULQJWKHMRXUQH\RYHUWKH&RUNHUDQGRQ
WR&DUH\¶V3HDN7KHUHLVVDLGWREHVRPHWKLQJRIDWUDFNKHDGLQJRIIWRWKHKXWZKLFK,
GRQ¶WHYHUUHFDOOVHHLQJ

,KRSHWRVWD\LQWKHYLFLQLW\RIWKH&DUH\¶V3HDNKXWIRUWKLVILUVWQLJKW

'D\7ZR6XQGD\&DUH\¶V3HDNWR0RXQW%DUULQJWRQ$ERXWNP

:LWKDQHDUO\VWDUW,KRSHWRFRQWLQXHDORQJWKH&DUH\¶V3HDN7UDLOIRU0RXQW%DUULQJWRQ
P

'D\7KUHH0RQGD\0RXQW%DUULQJWRQWR%LJ+ROH&DPSLQJ$UHD

$ERXWNP

)URP0RXQW%DUULQJWRQ,KHDGEDFNWR&DUH\¶V3HDNWKHQSDVW%ODFN6ZDPSIRUWKH%LJ
+ROH&DPSLQJ$UHDDERXWPRQWKH%DUULQJWRQ5LYHU
 'D\ )RXU 7XHVGD\ %LJ +ROH &DPSLQJ $UHD WR /LWWOH 0XUUD\
3LFQLF$UHDDQG3ROEOXH0RXQWDLQ$ERXWNP

)URPWKH%LJ+ROH&DPSLQJ$UHD,IROORZWKH:DWHUJDXJH7UDLOFURVVLQJWKH%DUULQJWRQ
5LYHUDW%RE¶V&URVVLQJEHIRUHFRQWLQXLQJRQWRWKH.KROZKD7UDLODQGWKH/LWWOH0XUUD\
3LFQLF$UHDDERXWP QHDU/LWWOH0XUUD\6ZDPSRQWKH%DUULQJWRQ7UDLO

)URPWKH/LWWOH0XUUD\3LFQLF$UHD,FRQWLQXHRQWKH%DUULQJWRQ7UDLOKHDGLQJIRU0RXQW
3ROEOXHP,KRSHWRFOLPEWKHPRXQWDLQDQGFDPSLQWKHQHDUYLFLQLW\

 'D\ )LYH :HGQHVGD\ 3ROEOXH 0RXQWDLQ WR -XQFWLRQ +ROH

&DPSLQJ$UHD$ERXWNP

)URP 0RXQW 3ROEOXH , UHWXUQ WR WKH %DUULQJWRQ 7UDLO DQG IROORZ WKH WUDLO SDVW %UXPORZ
7RS P DQG %UXPORZ 6ZDPS KHDGLQJ IRU -XQFWLRQ +ROH 7UDLO DQG WKH -XQFWLRQ
+ROH&DPSLQJ$UHDDERXWP

'D\6L[7KXUVGD\-XQFWLRQ+ROH&DPSLQJ$UHDWR$HURSODQH+LOO

DQG:RPEDW&UHHN&DPSLQJ$UHD$ERXWNP

)URP-XQFWLRQ+ROH&DPSLQJ$UHD,KHDGWRZDUG$HURSODQH+LOODERXWPDQGWKH

%LJ+ROH7UDLO,WKHQIROORZWKH%LJ+ROH7UDLOWR&DUH\¶V3HDN7UDLODQGWKHQRQWRWKH
*ORXFHVWHU 7RSV 7UDLO EHIRUH DUULYLQJ DW P\ QH[W FDPSVLWH DW :RPEDW &UHHN &DPSLQJ
$UHDDERXWP

 'D\ 6HYHQ )ULGD\ :RPEDW &UHHN WR *ORXFHVWHU )DOOV $ERXW
NP

)URP :RPEDW &UHHN &DPSLQJ $UHD , IROORZ WKH *ORXFHVWHU 7RSV 7UDLO WR WKH $UWKXU
0XQUR +XW DQG *ORXFHVWHU )DOOV DUHD 7KLV SDUW RI WKH ZDON LQFOXGHV DUHDV RI $QWDUFWLF
%HHFK)RUHVW1RWKRIDJXVPRRULHLDQG7UHH)HUQV

,KRSHWRFDPSQHDU*ORXFHVWHU)DOOVIRUWKHQLJKW

'D\(LJKW6DWXUGD\3LFNXS'D\IURP*ORXFHVWHU)DOOV

,¶PKRSLQJWREHSLFNHGXSVRPHWLPHGXULQJWKHPRUQLQJDW*ORXFHVWHU)DOOV
0$36

7KHUHZLOOEHDQHHGWRSXUFKDVHWKHIROORZLQJWRSRJUDSKLFPDSV

y %DUULQJWRQ7RSV,1
y 0RRQDQ%URRN,,6
y *ORXFHVWHU7RSV,91
y &REDUN,,,6

$OVR XVHIXO ZLOO EH WKH &0$ 7RXULVW 0DS RI %DUULQJWRQ 7RSV DQG *ORXFHVWHU 'LVWULFWV
DQGWKH%DUULQJWRQ7RSV6WDWH)RUHVWVPDSIURP16:6WDWH)RUHVWV